AMARILLO, TX (KFDA) - The possible remodel of an existing Amarillo apartment complex could provide hundreds of new homes to those in need in of low income housing.
The Canyons at 45 West apartment complex could soon become the first in Amarillo - and one of the first in Texas - to make the transition from market price to low income housing.
Post Investment Group is looking to invest $13 million into this project, which would add 328 units to Amarillo's stock of low income housing,
"There is an extreme need for affordable housing in Amarillo," said James Allen, Community Development Administrator for the City of Amarillo. "Currently on our waiting list for housing assistance we have about 1300 households."
A large portion of the current tenants are already receiving assistance or would qualify for low income housing.
Those tenants would see a rent decrease after the renovations.
Others may have to leave.
"A very, very small percentage that are above the income rates will have the opportunity to move to other market rate apartments here in the Amarillo area," said Allen. "The developers are going to do everything they can to assist as far as relocating them and helping with those expenses."
It would be a couple years before tax credits are garnered, the project is approved by the Texas Department of Housing and Community Affairs, and designs and construction are completed and anyone would have to move.
The complex has not told any of this to their tenants about this possibility, wanting to wait until everything was finalized before making any announcement.
NewsChannel 10 spoke with a few market rate residents about these possible changes.
Some said they don't care either way since they're moving out soon.
But Sandra Bonilla and Morgan Hamilton just moved in a couple weeks ago.
"I think it would have been nice if they told us when we signed the lease that this could be potentially a possibility," said Bonilla.
"Even if our lease were to be up the fact that we would have to find a new place instead of renewing our lease if we really liked it here would be a little stressful," said Hamilton.
"Because we do like it here a lot better than our old place," said Bonilla.
If tax credits and applications are approved, this project could begin construction in the fall.